We don't have any reason noted for having that option disabled. But
based on the kconfig help text I'd guess that it's because it adds
overhead to all network activity:

          This allows timestamping of network packets by PHYs with
          hardware timestamping capabilities. This option adds some
          overhead in the transmit and receive paths.

We need to do some testing to try and quantify this overhead.

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https://bugs.launchpad.net/bugs/1785816

Title:
  Consider enabling CONFIG_NETWORK_PHY_TIMESTAMPING

Status in linux package in Ubuntu:
  Triaged

Bug description:
  Hi folks, is there a reason we do not enable
  CONFIG_NETWORK_PHY_TIMESTAMPING ? I'm not sure of the tradeoffs but I
  think this config option is required for PTP time syncronization which
  would be useful in telco and financial (and OCD :)) environments.

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